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Extract of Minutes of a Meeting of the <br /> City Council of the City of Elk River, Minnesota <br /> Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Elk <br /> River,Minnesota,was duly held in the City Hall in said City on Monday,August 21,2017, commencing <br /> at 6:00 P.M. <br /> The following members were present: <br /> and the following were absent: <br /> Member introduced the following resolution and moved its adoption: <br /> Resolution No. 17- <br /> Resolution Giving Host Approval and Consenting to the Issuance by the <br /> City of Bethel of Charter School Lease Revenue Bonds (Spectrum <br /> Building Company) Under Minnesota Statutes, Sections 469.152-469.1655 <br /> The motion for the adoption of the foregoing resolution was duly seconded by member <br /> , and after full discussion thereof and upon vote being taken thereon, the following <br /> voted in favor thereof- <br /> and the following voted against the same: <br /> whereupon said resolution was declared duly passed and adopted. <br /> BE IT RESOLVED, by the City Council (the "Council") of the City of Elk River, <br /> Minnesota (the "City") as follows: <br /> Section 1. General Recitals. The City is a municipality, statutory city, and political <br /> subdivision duly organized and existing under the laws of the State of Minnesota. Under the <br /> Constitution and laws of the State of Minnesota, particularly Minnesota Statutes, Sections 469.152- <br /> 469.1655, as amended (the "Act"), a municipality is authorized to issue revenue bonds to finance or <br /> refinance any properties, real or personal, used or useful in connection with a revenue producing <br /> enterprise engaged in any business. Under the provisions of the Act, a municipality may enter into <br /> an agreement whereby one municipality issues its revenue bonds in behalf of one or more other <br /> municipalities. Also, under Minnesota Statutes, Section 471.656, as amended, a municipality may <br /> issue obligations to finance or refinance the acquisition or improvement of real property located <br /> outside of the corporate boundaries of such municipality if the governing body of the municipality <br /> 1 <br />